December Market Report: Home Inventory is Rising
Naples, Fla. (January 30, 2023) – According to the December 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory increased 45.9 percent to 3,949 properties from 2,706 properties in December 2022. The report showed consistent monthly increases in inventory during the year, which means more options for buyers in 2024; especially in the condominium market, which reported a 78.7 percent increase in inventory. However, according to broker analysts reviewing the December report, the housing market faced several challenges in 2023: rising interest rates, rising insurance rates, and rising inflation. Brokers also point to increased personal travel in 2023 as another reason home sales lagged in 2023. As a result, closed sales in 2023 decreased 13.6 percent to 8,816 closed sales from 10,206 closed sales in 2022.
Despite the challenges, there were seven months in 2023 when new listings increased more than new listings reported in comparative months in 2022. For December, new listings increased 12.1 percent to 892 new listings from 796 new listings in December 2022. Interestingly, unlike other industries that experience a reduction in price when supply increases, the Naples area housing market enjoyed a 9.7 percent increase in overall median closed price in December to $631,000 from $575,000 in December 2022. In comparison, according to the National Association of Realtors, the median existing-home price in the U.S. increased 4.4 percent in December to $382,000 from $366,000 in December 2022.
“Migration is booming in eastern Collier County,” said Cindy Carroll, of Carroll & Carroll Appraisers & Consultants, LLC, who added that it is one of the “last vestiges of affordable housing in our county”. Not surprising, in 2023, the Immokalee/Ave Maria area was the only geographic area tracked by NABOR® that reported an increase in single family home closed sales (+34.1 percent). Conversely, the report indicated a 24.8 percent decrease in closed sales for single family homes nearest the beach.
Carroll added that according to her records, “Rapid market advancement stopped in early 2022. On average, it takes 12 to 24 months for the market to readjust. What we are seeing now are more sellers accepting that this phase is over. And that’s why there was a 29.6 percent increase in the number of price decreases reported in 2023.”
The NABOR® December 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:
In response, Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., commented, “More choices don’t seem to outweigh the other factors facing buyers right now, and so buyer sense of urgency has diminished. It isn’t like 2021 when a home would be listed and sold in the same day. Plus, many people today are hoping the Fed will drop rates again. But I always remind people that ‘if you see a property you like, there are likely many others who will like it too.’ As we say in the business, ‘marry the house and date the rate’ as you can always look into refinancing if rates go down.”
Diana Biederman | Naples Daily News
Why the Festival began
Two plus decades ago, “A lot of us were new to town, and we realized that not one penny of tax dollars in Collier County went to children’s social services. That’s still the case. We were shocked by that,” said Denise.
For fiscal year 2022-23, Collier County collected nearly $1.4 billion in taxes.
Another fact: Collier ranks second among Florida’s 67 counties with the most significant wealth disparities among its residents.
Through its annual grants and strategic initiatives over the past 24 years, NCEF has distributed funds to nearly 90 nonprofits in Collier County, providing services and resources to more than 55% (300,000 so far) of local at-risk and underprivileged kids.
While the event is glamorous, the people behind it are a grassroots group who developed the blueprint for transforming the community.
‘We wanted a rock-star event’
Brian and Denise Cobb were among three couples attending a wine auction in 1999 to benefit Youth Haven, the nonprofit in Naples whose mission is “To provide home, hope and healing to abused and neglected children” in Southwest Florida. That evening raised $170,000, considered quite the sum back then, with most of it coming from their table.
Forty people attended, a good percentage of whom also served on the board of the local Boys and Girls Club chapter, then working out of a double-wide trailer in East Naples. That charity’s mission is to “empower all young people, especially those who need us most, to reach their full potential as productive, caring, responsible citizens.”
They started to discuss creating an event to benefit both nonprofits.
Comprising eight couples and a singleton, each co-founder put in $10,000 as working capital, coincidentally the total amount Youth Haven raised from their auction.
They started assigning roles.
“The beauty of it all was that we were couples, where most charities have women or some men who do it, but never couples as a group working together.”
“That ended up being the secret sauce,” Denise added.
“The peer pressure of couples working together is tremendous because nobody wants to drop the ball. There’s camaraderie, but you must also carry your weight. The other dynamic is that every one of us worked for a living, and that had a different kind of thought pattern. We also tried to think very big. We wanted a rock star event from day one,” said Brian.
Strategic planning started on day one
Denise and Brian Cobb pose for a photo at their home in Naples on Thursday, Dec. 21, 2023.
Beginning in November 1999, the gang of 17 oenophiles met weekly for more than a year, planning the dinner and auction components for the first event scheduled for February 2001.
Read the full article and view photos on naplesnews.com.
Contact David at David@DavidFlorida.com or 239-285-1086 to find your next home in Naples, Florida.
Diana Biederman | Naples Daily News
Copious wine, food and fun set the tone for Naples Winter Wine Festival’s 24th annual auction on Saturday at The Ritz-Carlton, Tiburon.
A veritable who’s who of world-class vintners, celebrity chefs and the names to know in Naples were all spotted under the tents.
The first famous gent spotted was Ray Isle, “Food & Wine” magazine’s executive wine editor and author of the new book “The World in a Wine Glass.”
Doing double duty as a guest of Knights Bridge’s vintner Kelley Bailey, he’s also part of the Festival’s online auction, teaming with actor Kyle MacLachlan on lot 302’s dinner at Kolomon in New York City.
The package is a four-course wine-pairing dinner prepared by participating Festival chef Markus Gloker.
The wines? From Isle’s famous cellar plus vintages from the “Sex and the City” star’s Pursued by Bear winery.
Read the full article with photos on naplesnews.com.
Contact David at David@DavidFlorida.com or 239-285-1086 to view homes in Naples and surrounding communities.
Diana Biederman | Naples Daily News
This year’s theme is “Generosity in Full Bloom.” The room holds 650, and every guest is encouraged to generously bid on the final “Fund a Need” lot, targeting early learning initiatives with an emphasis on mental health.
How much did this year’s Festival bring in?
A record-breaking $33 million.
Lot 1: Drive a Piece of History and Collect Liquid Legends
Setting the tone for an afternoon, the first lot includes a completely restored 1966 vintage Ford Bronco inspired by the “Barbie” movie. The winning bidder also scores a collection of 39 magnums from each of the 2024 Naples Winter Wine Festival’s participating prestige vintners.
Sold for: $320,000
Lot 2: From the Purity of Pomerol to the Gems of the Caribbean
A night at Château La Conseillante’s Pomerol family estate in Bordeaux for two couples is followed by a week-long Caribbean voyage on the Evrima, part of The Ritz-Carlton Yacht Collection departing via private jet to Barbados with stops in Grenada, St. Vincent and the Grenadines, St. John’s, Antigua, St. Kitts and Virgin Gorda, BVI. This lot includes two double magnums of 2016 Château La Conseillante.
Sold for: $220,000
Read the full story with photos on naplesnews.com.
Kendall Little | Naples Daily News
Dreaming of luxury? Take a look at these two recent real estate listings that just might make your dreams come true.
Two new-construction Port Royal properties in Naples have entered the market. Priced at more than $20 million each, the homes are available for showings.
Let’s take a look inside these brand-new multi-million dollar houses.
3277 Gordon Drive – $20,750,000
HOW MANY BEDS/BATHS? This active listing has six bedrooms, seven full bathrooms, and two partial bathrooms.
HOW MUCH SQUARE FEET: It’s 6,444 square feet.
WHAT KIND OF FLOOR PLAN: Open
HOW MANY GARAGES: 3
WHAT ELSE: Pool and spa
TIMELINE: This house is expected to be completed by Spring 2024, but you can still speak to the listing agent about additional information or a showing now.
3295 Gordon Drive – $21,000,000
WHAT IS THE STYLE: Coastal Contemporary
HOW MANY BEDS/BATHS: Six bedrooms, six bathrooms, and two partial bathrooms
HOW MANY SQUARE FEET: 6,450 square feet.
WHO DESIGNED IT: MHK. The listing says this is the perfect home to host guests or a large family.
TIMELINE: The home will be completed by Summer 2024, but you can still speak to the listing agent about additional information or a showing now.
View the photo galleries on naplesnews.com.
Contact David at David@DavidFlorida.com or 239-285-1086 to view these and other homes in Port Royal.
Diana Biederman | Naples Daily News
One of my all-time favorite traditions is dinner and a show. When growing up, my parents always paired the two, whether heading to Broadway, the ballet or opera at Lincoln Center.
Fun habits are hard to break. That ― and once I’m out for the night, why not make the most of it?
Tis the season for the performing arts in Collier County, though I wish they were accessible year-round. With that in mind, we’ve created a list featuring several favorite restaurants convenient to Collier County’s best-known venues and players.*
Two tips before heading out:
Given how bananas traffic is right now, allow ample time for delays and finding parking.
Make a reservation and let your server know what time you need to be out, even if you included that info while making a reservation.
Venue: Marco Island Center for the Arts’ Theatre
Venue: The Norris Center, home to the Gulfshore Playhouse
Performers: Opera Naples
The players: TheatreZone
Read the full article and restaurant recommendations for each venue on naplesnews.com.
Find a home convenient to great restaurants and entertainment in southwest Florida. Contact David at David@DavidFlorida.com or 239-285-1086.
